Interim Management Statement

RNS Number : 0294Q

Parity Group PLC

01 November 2012

 



Parity Group plc ("Parity" or the "Group"),

Interim Management Statement, 1st November 2012

Parity Group plc, the UK IT services group, today issues its Interim Management Statement for the period from 1 July 2012 to the date of this announcement.

Group Trading

The Group remains on target to meet market expectations for the year, albeit in a continuing difficult economic climate for IT services.  Over the last two years the management team has achieved the necessary cost savings and re-alignment of our businesses to return the Group to profitable growth.

Operations

The Resources business continues to grow and build on the achievements of the first half of this year.  The actions we have taken to broaden our service offering have proved to be successful despite continued challenging market conditions.

Talent Management continues to win new contracts in the Government, Higher Education and corporate sectors across the UK, resulting in good growth in revenues and profit.  During the period a number of new propositions have been developed based on innovative ways of improving graduate employability and management development.

The Systems business has been realigned over the past two years to focus on its core capabilities and bring costs more into line with ongoing revenues.  Revenues are now stable and the business is making a good contribution to Group profit.  Further market offerings are being developed in conjunction with the newly acquired Inition business. 

Inition is performing well and its management is contributing to our strategic and investment plans to prepare the business for significant growth.  Its expertise in creating virtual and augmented reality and 3D printing/scanning is in much demand and we see this market continuing to grow.

Future Prospects and Strategy

With the acquisition of Inition we have made our first move into the growing market for digital technology skills in the media world.  We will continue to evaluate the many complementary opportunities we see in the digital media space to carefully build our "Creative Technology" capabilities.

The Board's strategic mission remains the significant improvement of shareholder value by focussing on the Group's two key growth areas - Professional Staff development, selection and placing; and our new Creative Technology ambitions.

We will continue to progress our acquisition strategy in a determined but careful manner, whilst at the same time looking to drive further cost savings and pursue opportunities across the excellent businesses we already possess.

For further information contact:

Philip Swinstead, Chairman Paul Davies, Chief Executive	Parity Group plc	0845 873 6942
John Olsen/Ian Payne	MHP Communications	020 3128 8100
Shaun Dobson	N+1 Singer	020 3205 7500

 

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